This document provides a good overview of the course that contains
summaries, key points, and vocabulary words. This document is
intended to be a stimulus to help you create notes and flashcards.
You should read through your own textbook. SPEAKING OF
TEXTBOOKS, THIS BOOK IS THE ONE PUBLISHED IN 2025 AND HAS
A PICTURE OF A GLOBE ON THE COVER; IF YOUR BOOK DOES NOT
LOOK LIKE THIS, IT WONT BE THE MOST EXACT INFORMATION.
Overall Textbook Philosophy
M: Business presents business as a dynamic, interconnected system. It emphasizes that
business decisions are not made in a vacuum but are influenced by and have impacts on the
ethical, global, economic, and technological environments.
Detailed Chapter Breakdown
Chapter 1: The Dynamics of Business and Economics
● Summary: This chapter introduces the fundamental concepts of what a business is, its
primary goal of earning profits, and the broader economic system it operates within. It
covers the basics of capitalism, the business cycle, and the role of government.
● Key Points:
○ Definition of business, profit, and loss.
○ The importance of stakeholders (e.g., customers, employees, suppliers,
community) vs. just stockholders.
○ Overview of the economic systems: capitalism, socialism, communism.
○ Understanding the factors of production: natural resources, labor, capital, and
entrepreneurship.
○ Basics of supply and demand.
○ The four stages of the business cycle are prosperity, recession, depression, and
recovery.
○ Key economic measurements: GDP, unemployment rate, inflation, deflation.
● Key Vocabulary: Business, Profit, Loss, Stakeholders, Capitalism, Factors of Production,
Supply, Demand, Business Cycle, GDP (Gross Domestic Product), Inflation, Deflation.
Chapter 2: Business Ethics and Social Responsibility
● Summary: This chapter argues that ethical behavior and social responsibility are not just
"nice to have" but are crucial for long-term business success. It explores the challenges
of ethical decision-making and how companies can be socially responsible.
● Key Points:
summaries, key points, and vocabulary words. This document is
intended to be a stimulus to help you create notes and flashcards.
You should read through your own textbook. SPEAKING OF
TEXTBOOKS, THIS BOOK IS THE ONE PUBLISHED IN 2025 AND HAS
A PICTURE OF A GLOBE ON THE COVER; IF YOUR BOOK DOES NOT
LOOK LIKE THIS, IT WONT BE THE MOST EXACT INFORMATION.
Overall Textbook Philosophy
M: Business presents business as a dynamic, interconnected system. It emphasizes that
business decisions are not made in a vacuum but are influenced by and have impacts on the
ethical, global, economic, and technological environments.
Detailed Chapter Breakdown
Chapter 1: The Dynamics of Business and Economics
● Summary: This chapter introduces the fundamental concepts of what a business is, its
primary goal of earning profits, and the broader economic system it operates within. It
covers the basics of capitalism, the business cycle, and the role of government.
● Key Points:
○ Definition of business, profit, and loss.
○ The importance of stakeholders (e.g., customers, employees, suppliers,
community) vs. just stockholders.
○ Overview of the economic systems: capitalism, socialism, communism.
○ Understanding the factors of production: natural resources, labor, capital, and
entrepreneurship.
○ Basics of supply and demand.
○ The four stages of the business cycle are prosperity, recession, depression, and
recovery.
○ Key economic measurements: GDP, unemployment rate, inflation, deflation.
● Key Vocabulary: Business, Profit, Loss, Stakeholders, Capitalism, Factors of Production,
Supply, Demand, Business Cycle, GDP (Gross Domestic Product), Inflation, Deflation.
Chapter 2: Business Ethics and Social Responsibility
● Summary: This chapter argues that ethical behavior and social responsibility are not just
"nice to have" but are crucial for long-term business success. It explores the challenges
of ethical decision-making and how companies can be socially responsible.
● Key Points:
